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Grain Oriented Electrical Steel Market Forecast Highlighting Growth From $7.59 Billion To $8.58 Billion
The grain oriented electrical steel market has experienced consistent expansion in recent times. It is anticipated to increase from $7.41 billion in 2025 to $7.59 billion in 2026, growing at a compound annual growth rate (CAGR) of 2.3%. This historical development can be attributed to various factors, including the escalating demand for power transformers, initial adoption in HVDC transmission projects, the broadening of conventional electrical steel production, the reliance on grain-oriented steel in utility applications, and its increased utilization in industrial generators.
The grain oriented electrical steel market is anticipated to experience consistent expansion over the upcoming years. This market is projected to reach $8.58 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 3.1%. Factors contributing to this growth during the forecast period include the increasing requirement for energy-efficient transformer cores, the enlargement of renewable energy transmission systems, the creation of superior electrical steel grades, upgrades to grid infrastructure, and the growing uptake of sophisticated domain-refined materials. Key trends foreseen for the same period encompass the embrace of sustainable materials for transformer cores, the broadening of electrification infrastructure, progress in intelligent steel processing technologies, the incorporation of smart grid-compatible electrical steels, and the evolution of robotics-driven steel production.
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Grain Oriented Electrical Steel Market Expansion Drivers: What Is Shaping Future Growth?
The grain-oriented electrical steel (GOES) market is projected to grow as industrialization continues to rise. Industrialization involves an economic and social transformation characterized by the widespread adoption of industrial production methods. As this process advances, there is a heightened demand for electrical power and energy infrastructure, given that industries require efficient and reliable electrical systems to power machinery, equipment, and other operations. For instance, according to the National Bureau of Statistics of China, a China-based government agency, industrial production in China increased by 4.5% in August 2023 compared to the previous year, up from a 3.7% increase observed in July. Therefore, increasing industrialization is a primary driver for the growth of the grain-oriented electrical steel (GOES) market.
#Grain Oriented Electrical Steel Market Segment Landscape And Growth Potential
The grain oriented electrical steel market covered in this report is segmented –
1) By Type: High Magnetic Strength, Conventional, Domain Refinement
2) By Application: Transformer, Power Generator, Motor, Other Applications
3) By End-User: Electrical Steel For Automobiles, Electrical Steel For Manufacturing, Electrical Steel For Energy Generation, Electrical Steel For Household Appliances, Electrical Steel For Other End Uses
Subsegments:
1) By High Magnetic Strength: High Performance Grades, Ultra-Low Loss Grades, High Efficiency Grades
2) By Conventional: Standard Grades, Basic Grades For Transformer Applications, General Purpose Grades
3) By Domain Refinement: Thin Gauge Grades, High-Performance Domain Refined Grades, Grades For High-Frequency Applications
Grain Oriented Electrical Steel Market Growth Trends Influencing Competitive Dynamics
Major entities active in the grain-oriented electrical steel market are establishing strategic alliances and collaborations to uphold their standing in the industry. Strategic partnerships are cooperative arrangements formed between two or more organizations to attain specific business objectives or aims. For instance, in February 2024, JSW Steel Limited, an India-based steel company, entered into an agreement with JFE Steel Corporation, a Japan-based steel company. Through this partnership, they intend to manufacture grain-oriented electrical steel (GOES) in India, with complete production anticipated to commence by 2027. This joint venture not only addresses immediate market demands but also strategically positions both JSW Steel and JFE Steel for subsequent expansion within a sector increasingly focused on environmental responsibility and energy conservation.
Grain Oriented Electrical Steel Market Competitive Landscape: Who Are The Leading Companies?
Major companies operating in the grain oriented electrical steel market are Thyssenkrupp AG, POSCO International Corporation, Nippon Steel Corporation, JFE Steel Corporation, NLMK Group, Baowu Group, AK Steel Holdings Corporation, Tata Steel Limited, ArcelorMittal, Shougang Group Co Ltd., Cleveland-Cliffs Inc., Aperam SA, TC Metal Co, Mapes & Sprowl Steel LLC, Tempel Steel, China Baowu Steel Group Corp Ltd., Gerdau S.A., Allegheny Technologies Incorporated, United States Steel Corporation, Voestalpine Group, CSC Steel Sdn. Bhd., Kobe Steel Ltd., Sumitomo Metal Industries Ltd., Baosteel Group Corporation, Jindal Steel and Power Limited, JSW Steel Ltd., Essar Steel, Cogent Power Limited, Ansteel Group Corporation Limited, Baoshan Iron & Steel Co. Ltd., Benxi Iron and Steel Group Co. Ltd., Hebei Iron and Steel Group Co. Ltd., Hunan Valin Steel Co. Ltd., Jiangsu Shagang Group Co. Ltd., Maanshan Iron & Steel Company Limited, Shandong Iron and Steel Group Co. Ltd., Tata Iron and Steel Company Limited, World Industrial Specialty Company Inc, Wuhan Iron and Steel (Group) Corp.
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Grain Oriented Electrical Steel Market Geographic Analysis: Where Is Demand Growing The Fastest?
Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2025. The regions covered in the grain oriented electrical steel market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.